Nigeria’s Vice President, Kashim Shettima was at the Shell booth at the 30th Nigeria Economic Summit, Abuja.

The Vice President and his entourage listened to Shell’s Business Value Manager, Chidi Nkazi, explain Shell companies in Nigeria’s contribution to the Nigerian economy, local content development and commitment to sustainable development.

Nkazi presented key achievements of Shell Companies in Nigeria (SCiN) to the Vice President, underlining Shell’s role in fostering economic growth through tax contributions, job creation and support for local businesses.

In addition, Nkazi pointed out that through collaboration Shell Companies in Nigeria are powering Nigeria’s progress with significant contributions to the economy.

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Nkazi highlighted SCiN collaboration with co-venture partners to foster knowledge sharing, resources pooling and risk mitigation leading to more efficient and sustainable operations.

He informed the Vice President of Shell’s technical expertise and resources and how Shell has leveraged its strength to support its Nigerian operations contributing to technological advancement and improved efficiency.

In 2023 alone, Shell Companies paid over $1.09 billion in corporate taxes and royalties to the Federal Government, a vital contribution to national revenue. This included $442 million from Shell Petroleum Development Company (SPDC) and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo).

Additionally, the companies awarded contracts worth $1.98 billion to Nigeria-registered businesses, reflecting a 3% increase from the previous year.

According to Nkazi, “Shell is committed to contributing positively to the Nigerian economy and the communities in which we operate. Our investments not only support government revenue but also empower local economies and create employment opportunities.”

Beyond economic contributions, Shell’s social investments have helped to improve the quality of life in communities. In 2023, SCiN invested $42.2 million in various social programs, focusing on health, education, road safety, and entrepreneurship. Shell’s commitment to education has seen it support thousands of students through scholarships since the 1950s. More than 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships have been awarded since 2016.

“The partnership between Shell and Nigeria reflects our dedication to sustainable development and community empowerment,” Nkazi said, adding: “We will continue to seek innovative ways to support economic growth and improve the livelihoods of Nigerians.” Shell is co-sponsor of the Nigeria Economic Summit.

The Vice President accompanied by other dignitaries when he visited.

The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate reached 32.70% in September, marking a slight increase from the 32.15% recorded in August.

This uptick follows a brief decline in August after a sustained 19-month rise in inflation.

The latest figures show that the year-on-year inflation rate in September 2024 was 5.98 percentage points higher than the 26.72% recorded in the same month of the previous year.

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On a month-to-month basis, inflation increased by 0.30%, reaching 2.52% in September compared to 2.22% in August, indicating a sharper rise in the overall price level.

Food inflation continues to be a significant factor, climbing to 37.77% year-on-year, which is 7.13 percentage points higher than the 30.64% reported in September 2023.

The NBS attributed the increase in food prices to rising costs of essential items such as guinea corn, rice, maize, beans, yams, cassava, and various vegetable oils. Additionally, prices of beer, cocoa products, and dairy also saw notable hikes.

Month-on-month food inflation rose to 2.64% in September, up from 2.37% in August, driven by price increases in categories such as oils and fats, meat, beverages, and dairy.

The average annual food inflation rate for the 12 months ending in September 2024 surged to 37.53%, up by 11.88 percentage points from the 25.65% recorded in the corresponding period last year.

Aradel Holdings Plc, an integrated energy company has listed 4.34 billion shares on Nigerian Exchange Limited (NGX) Main Board.

Biztellers reports that the NGX admitted the shares on Monday, 14 October 2024.

It was gathered that the shares, listed at N702.69 per share through a ‘Listing by Introduction,’ boosted the market capitalization of NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.

Aradel Holdings Plc, a major player in Nigeria’s oil and gas industry, operates across the entire oil and gas value chain, with business interests in the exploration, production, and refining of petroleum products.

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The listing offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.

In conjunction with the listing, was a ‘Facts Behind the Listing’ event, during which senior executives presented the company’s growth strategy and financial performance to investors and stakeholders.

Chairman of Nigerian Exchange Group, Alh Umaru Kwairanga, highlighted the importance of the listing, thus, “This achievement is not just a win for Aradel, but also a clear indication to both local and global investors that Nigeria’s capital market remains vibrant, resilient, and full of opportunities. We are honored to facilitate capital raising for companies like Aradel that play a critical role in Nigeria’s economic progress.”

On his part, Group Managing Director and CEO of NGX Group, Temi Popoola, emphasized the broader significance of the listing.

“The benefits of an equity market listing for the upstream sub-sector of the oil and gas industry is especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives,” said Popoola.

Similarly, CEO of NGX, Jude Chiemeka, echoed Popoola’s sentiments, stressing the role of NGX in supporting corporate growth and innovation.

Chiemeka noted, “Aradel’s listing highlights NGX’s ability to support leading companies in their growth journey. This is not just a milestone for Aradel, but a key moment for the energy sector, demonstrating how the capital market can fuel efficiency and development in critical industries.”

At the event, Chairman of Aradel Holdings Plc, Ladi Jadesimi, highlighted the company’s focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector.

“The listing of Aradel Holdings on NGX represents a pivotal moment for us,” Jadesimi started.

He added, “We are committed to driving sustainable growth in Nigeria’s energy industry, particularly in the renewables space, while continuing to excel in petroleum product exploration and refining. This listing provides us with the platform to unlock further value for our shareholders.”

On the listing, the Managing Director/Chief Executive Officer of Aradel, Adegbite Falade, said, “this will mark a historic milestone for Aradel as we list on the NGX, underscoring our commitment to creating long-term value for our shareholders and deepening our contributions to Nigeria’s economic landscape. This listing is a testament to our resilience, adaptability, and our unwavering dedication to providing sustainable energy solutions that drive growth across our communities and industries. As we embark on this new chapter in Aradel’s transformation journey, we remain focused on operational excellence, strategic expansion, and delivering returns that reflect our track record and vision for an energized future.”

Aradel Holdings Plc’s successful listing on NGX positions it to leverage the capital market for future growth, allowing the company to expand its operations and cement its role as a dominant player in both traditional and renewable energy sectors.